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Baldwin Mutual Insurance to sell Gulf Coast Title Insurance

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Baldwin Mutual Insurance to sell Gulf Coast Title Insurance

Baldwin MutualInsurance Co. Inc. on Jan. 21 entered into a stock purchaseagreement with an unrelated title insurance underwriter to sell 100% of theshares of subsidiary Gulf CoastTitle Insurance Co. Inc.

The shares of Gulf Coast will be sold in exchange for cashequal to Gulf Coast's surplus per the annual or quarterly statutory statementissued immediately prior to the closing date.

As part of the agreement, the lot and building located inPrichard, Ala. owned by Gulf Coast will transfer to Baldwin Mutual Insurancefor zero dollar proceeds, according to the company's annual statement for theyear ended Dec. 31, 2015.